TAB NZ reports recovery in all segments

Results have been better than expected.
Results have been better than expected.

Company profits for the first nine months of 2020 reached US$19.46m, US$4.9m above budget.

New Zealand.- Lottery provider TAB NZ has reported a strong recovery in all of its business segments for September. 

In a trading update, the New Zealand company said results were “ahead of budget and ahead of last year.  

It said: “The business reported strong performance for the month across all products, with sport, international racing, and domestic racing all well ahead of budget.” 

The company recorded year-on-year growth of 21 per cent in domestic racing turnover. The international racing segment grew by 11 per cent.   

Sports turnover increased by 7 per cent year-on-year aided by the Rugby World Cup.

The company said: “We continue to benefit from the currently condensed nature of the sports calendar with a number of competitions taking place outside their traditional cycle. In particular, the NBA playoffs and the NRL regular season stretching into September, resulted in significantly improved turnover.”  

TAB NZ’s net profit in September amounted to AU$14.9m (US$10.4m), which was AU$5.2m (US$3.6m) above the firm’s budget for that period.  

This comprised AU$13.4m (US$9.4m) in betting profits, AU$2m (US$1.4m) in gaming profits and -AU$0.5m (-US$351,370) in Racing Integrity RIU. 

Profits for the first nine months reached AU$27.7m (US$19.46m), AU$7m (US$4.9m) above budget and AU$6.9m (US$4.8m) above last year. 

The company had reported positive results in August.  

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